Theo Spierings doesn't deserve his $4.7 million bonus. But he's got it, so there's little that can be done.

However, no other Fonterra staffer, past or present, derserves a bonus either. Fonterra should cancel them all.

How can anyone deserve a bonus when Fonterra is a mess? It's bleeding value. This week, it wrote as much as $860m off the value of its assets. It's cancelled this year's dividend. It's already sold the crown jewel, Tip Top. And that's probably not the end of the pain.


Even if a staffer could argue that they've performed well in their role